The International Energy Agency on June 14 raised its forecast of world oil demand growth in 2023 by 200,000 b/d to 2.4 million b/d, while forecasting oil demand for transportation to peak in 2026 and an overall peak in oil demand "in sight" by the end of the decade. The report said oil demand for combustion purposes -- rather than petrochemical manufacturing -- would peak in 2028, although it acknowledged that overall oil demand would continue to rise through the forecast period. Global oil demand rises 6% to 105.7 million b/d through 2022-28 under the five-year forecast. India supersedes China as the driver of demand growth in 2027. In the downstream meanwhile, global capacity rises by 4.4 million b/d over the period, with 6 million b/d of capacity additions, largely in Asia.

Source: The North Africa Journal June 14, 2023 21:27 UTC